The Steinbruch Family

Brazilian nationality or passport

The Steinbruch Family

Business magnates

Members of one of Brazil's richest families and founders of the Vicunha conglomerate, which owns large steel and textile manufacturing companies and a bank. Several members of the family are shareholders and directors of Peak Management Inc. (2007) in the British Virgin Islands. Responding to questions from ICIJ’s Offshore Leaks investigation in 2013, Leo Steinbruch told ICIJ that “Peak Management exists, is active, it’s been declared on its owners’ tax forms and has been duly disclosed to the Brazilian Central Bank as a Brazilian investment abroad.”

File details

The two brothers who built the Steinbruch business empire starting in the 1960s, Mendel and Eliezer, were clients of HSBC. Mendel was beneficial owner of six client accounts, and was further connected to five. Of all these, seven were numbered accounts. Both brothers passed away in 1994 and 2008, respectively. Their families inherited their fortunes. Mendel’s wife, Dorothea Steinbruch, controlled part of the family business conglomerate. As HSBC client, she was linked to 12 client accounts of which she was beneficial owner of at least 11. Together they held as much as $464.2 million in 2006/2007. All of Mendel’s children were clients of HSBC too.

Comment

After publication, a member of the Steinbruch family, Benjamin Steinbruch, told UOL that “all assets abroad belonging to this family have licit purposes and are in accordance with the law.” Steinbruch said the information in the HSBC files obtained by ICIJ is “not true” and “due to its criminal origin does not deserve a comment.” (Information updated Feb. 12, 2015)

There are legitimate uses for Swiss bank accounts and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Swiss Leaks interactive application have broken the law or otherwise acted improperly. If you find an error in the database please get in touch with us.